Latest news with #RapidTransitSystemLink
The Star
2 days ago
- Business
- The Star
90% take-up rate for housing project over a weekend
Lim (fourth from left), Voon (third from right) and Leong (fourth from right) with other VIPs at the opening of M Grand Minori sales gallery in Taman Pelangi, Johor Baru. — THOMAS YONG/The Star MAH Sing Group Bhd (Mah Sing) is banking on the strategic location of its latest project in Johor Baru – M Grand Minori under its premium M Grand Series. Its chief operating officer (southern region) James Lim said its close proximity to Rapid Transit System Link (RTS Link) connecting Johor Baru and Singapore was another strong selling point for the development project. 'The project has thus far received an encouraging response, with Phase One of Tower A achieving a 90% take-up rate over a weekend,' he said. Lim said the company was looking at Malaysian professionals working in Singapore, Singaporeans, affluent Indonesians, first-time buyers and those looking to downsize especially senior citizens, as potential buyers. He said this at the opening of M Grand Minori sales gallery in Taman Pelangi, located 3km from the Bukit Chagar RTS Link station. Lim said the RTS Link, expected to start operation in the first-quarter of 2027, will ease the infamous traffic crawls at the Causeway. 'This will enhance connectivity and accessibility between Johor Baru and Singapore and augurs well for the economic growth for this part of the region,' he added. Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the strong take-up rate showed that the project resonated strongly with property buyers. The project, he said, was well positioned to tap into growing demand driven by enhanced cross border connectivity. 'Johor has always been an important market for us; it is our second largest development after Klang Valley,' said Leong. The company, he said, has maintained a strong presence in the state since launching its first township in Johor Baru, namely Taman Sri Pulai Perdana in 2000. Mah Sing group chief executive officer and executive director Datuk Voon Tin Yow said the development was designed to offer a lifestyle that reflected the needs of today's urban dwellers – smart, connected and convenient. The Johor-Singapore Special Economic Zone (JS-SEZ), he said, was set to attract foreign investments and global companies in high-growth sectors like electronics and renewable energy. 'As Johor cements its role as a regional hub, M Grand Minori stands ready to meet the rising demand for quality homes in this vibrant and fast evolving location,' added Voon. The freehold mixed-use residential and commercial project spans 2.42 hectares in Taman Pelangi with an estimated gross development value of RM1.5bil. Phase One of the project comprises two towers of serviced apartment and nine retail lots – Tower A (59 levels with 843 units) and Tower B (59 levels with 890 units) with target launch in the third quarter of 2025. The five unit types available are 403sq ft (RM390,000), 496sq ft (465,000), 624sq ft (RM591,000), 630sq ft (RM609,000) and 835sq ft (RM769,000). The sales gallery located at Taman Pelangi, Johor Baru is open from 9.30am to 9pm daily. For details, contact 07-291 3226 or visit
The Sun
5 days ago
- Business
- The Sun
Ascott to manage five-star hotel in Johor Bahru's Coronation Square
PETALING JAYA: The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment, has been appointed by Coronade Properties Sdn Bhd to manage the hotel component of the Coronation Square integrated development in Johor Bahru. The development is located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ) and will be directly connected to the upcoming Rapid Transit System Link ((RTS Link). Operating under Ascott's namesake brand, Ascott Coronation Square Johor Bahru will serve as a flagship hospitality development in the JS-SEZ, catering to rising demand from increased cross-border business, tourism and investment activities. The collaboration represents the first major hospitality partnership since the landmark JS-SEZ agreement between Malaysia and Singapore in January, highlighting the zone's emerging appeal for cross-border business ventures. The project also marks the debut of the premier Ascott brand in Johor Bahru and will be the sixth Ascott-branded property in Malaysia. The other five Ascott-branded properties are in Kuala Lumpur and Penang. This represents a strategic milestone in Ascott's continued expansion in Malaysia, where it now manages a portfolio of over 40 properties, both operating and in the pipeline. The hotel management agreement between Ascott and Coronade Properties was signed yesterday in Singapore, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi, and Singapore Minister of State, Ministry of Trade and Industry and Ministry of National Development, Alvin Tan. Ascott Coronation Square Johor Bahru will be a five-star hotel with 207 rooms housed within Tower 1 of Coronation Square, strategically located in the IIBD of the JS-SEZ and scheduled to open in the second half of 2029. Currently under development, Coronation Square is a RM5 billion integrated development by Coronade Properties and the first project to kick-start the 250-acre IIBD, positioned as a catalyst to transform Johor Bahru into a world-class metropolis. The 9.6-acre development comprises hotel, medical, office and residential components, as well as the 1.2 million-square-foot Coronation Square Mall. Construction of the mall will begin in 2026, with completion targeted for 2030. Coronade Properties corporate relations director Datin Paduka Alinah Ahmad disclosed that Coronade Properties is planning the launch a residential project, Coronade Twins, in the fourth quarter of this year. Ascott chief strategy officer and managing director for Southeast Asia Wong Kar Ling said: 'With the JS-SEZ catalysing greater cross-border investments and the RTS enhancing connectivity, Johor Bahru is entering a dynamic new phase of growth. Ascott Coronation Square Johor Bahru allows us to introduce our namesake Ascott brand to this market, positioning us at the heart of this transformation to capture rising demand from corporate, long-stay and leisure segments. This reinforces our long-term commitment to Malaysia's hospitality landscape and cross-border prosperity.' 'Ascott's presence in Malaysia continues to deepen, with over 40 properties in operation and in the pipeline. They span diverse brands including Ascott, Citadines, lyf, Oakwood, Somerset, Crest Collection, Unlimited Collection, Fox and Harris, catering to a wide range of guests and market segments. 'From key urban centres like Kuala Lumpur and Johor Bahru to fast-growing leisure destinations such as Penang and Sabah, Malaysia remains a core growth market for us. We are committed to expanding our footprint with high-quality developments that meet the evolving expectations of discerning travellers visiting the country,' she added.
New Straits Times
29-07-2025
- Business
- New Straits Times
IGB REIT net profit rises to RM92.51mil in second quarter on higher rental income
KUALA LUMPUR: IGB Real Estate Investment Trust's net profit rose to RM92.51 million in the second quarter ended June 30, 2025 (2Q 2025), compared to RM81.55 million in the same period a year ago. Revenue also increased to RM160.09 million from RM149.97 million previously, mainly due to the higher rental income in 2Q 2025, according to a Bursa Malaysia filing today. Regarding its prospects, the company said that despite the softer retail outlook, with Retail Group Malaysia revising its full-year 2025 retail sales growth forecast down to 3.1 per cent from 4.3 per cent, it remains optimistic on long-term opportunities through its expansion strategy, such as the proposed acquisition of The Mall, Mid Valley Southkey. "The Johor retail market benefits from initiatives such as the Johor-Singapore Special Economic Zone, the Rapid Transit System Link, and strong cross-border spending. Subject to completion, the acquisition will enhance and diversify IGB REIT's portfolio," it added. For the first half of the year, IGB REIT's net profit also improved to RM199.08 million from RM181.16 million a year ago, while revenue advanced to RM331.53 million from RM312.53 million previously.
The Star
12-07-2025
- Business
- The Star
Asean must double down on economic integration to withstand external pressures, says Singapore minister
KUALA LUMPUR (The Straits Times/ANN): Asean must double down on economic integration so that it can better withstand growing global headwinds, including rising protectionism and geopolitical uncertainty, said Singapore's Foreign Minister Vivian Balakrishnan on July 11. Speaking to Singapore media after the 58th Asean Foreign Ministers' Meeting in Kuala Lumpur, Dr Balakrishnan said the grouping's response to recent developments, including new tariff announcements from the US, must be to press ahead with internal reforms and strengthen ties with external partners. 'Remember, our overall vision ultimately is to make Asean a single production zone, a single investment zone. And that means bringing down barriers, not just tariff barriers but non-tariff barriers as well,' he said. Dr Balakrishnan noted that the overall tone of the week-long meetings that he had with Asean as well as its key partners was 'sober', shaped by multiple crises worldwide. He pointed to the wars going on in Europe and the Middle East, and highlighted how the US tariff announcements had occurred 'rapid-fire'. US President Donald Trump had from July 8 started announcing levies of between 25 per cent and 40 per cent on eight of the 10 Asean nations, which are slated to take effect in August. Singapore and Vietnam, however, have yet to receive any formal notification from the White House. Dr Balakrishnan stressed that in talks with the US, he had always underlined that trade is strategic to Asean, and the flow of trade and investments is a key strategic focus for all governments in the region. In terms of how the grouping is responding to what is happening to global trade as a result of the US tariffs, he said the Asean ministers have decided that the grouping will have to coordinate both foreign affairs and trade and economic development far more closely at the Asean level. He said Asean will need to adjust how it operates, including how meetings are structured, to ensure that its foreign policy and economic agendas are better aligned. But the most effective way the region can respond is to double down on its own integration, stressed Dr Balakrishnan, as that is under Asean's control. He gave examples of how the grouping must make sure that it removes every tariff and non-tariff barrier, and optimises its competitive position. 'That's a path of no regret. And I would say the urgency and the salience of doing it now is so much more obvious,' he said. Dr Balakrishnan also touched on recent developments in cross-border infrastructure, noting that projects such as the Johor-Singapore Special Economic Zone and the upcoming Rapid Transit System Link between Malaysia and Singapore could serve as models for wider regional cooperation. 'There are complementary strengths of both Johor and Singapore, and to the extent that we can bring these strengths together, we make ourselves more competitive,' he said. He added that people 'beyond' the two areas are observing the special economic zone project with interest. The minister added that the region is also exploring how trilateral cooperation between Singapore, Malaysia and Indonesia could be scaled up, in line with the longstanding 'Sijori' concept – a reference to Singapore, Johor and the Riau Islands. The Sijori growth triangle was established in 1994 between the three countries – Indonesia, Malaysia and Singapore – to bolster economic links between them. 'We are also now looking for opportunities in which the three countries – Indonesia, Singapore and Malaysia – can do more in a synergistic and complementary way,' he said. In a video message delivered on July 5, the Singapore Prime Minister urged the grouping to be bolder. He said Asean must become a more seamless and competitive single market if it wants to stay relevant in a changing global economy. 'Prime Minister Wong's call for reform and that sense of urgency was very timely. People recognised that, and it gives an additional push to all these efforts at accelerating integration and expanding the network of ties with our Asean external partners,' said Dr Balakrishnan. - The Straits Times/Asia News Network
The Star
09-07-2025
- Business
- The Star
Commuters hope new rail service enhances transborder mobility
Just arrived: The new RTS Link train has a white livery with red and blue accents, inspired by the harmonious colour palettes of Malaysia, Johor and Singapore's flags. — THOMAS YONG/The Star THE unveiling of the new Rapid Transit System Link (RTS Link) train has commuters eagerly looking forward to the start of the cross-border rail service between Johor Baru and Singapore. Among them is 23-year-old Khairul Anuar, who travels about two hours to his work place in Singapore daily. 'After looking at photos of the RTS Link train, I am looking forward to riding it once it is operational. ALSO READ: Cross-border RTS Link train rolls in for testing 'Having the rail system will definitely make my daily commute to work faster and more efficient compared to my current mode of travel by bus,' he told StarMetro. He added that the biggest benefit would be more rest as he would not need to leave his home so early to beat the traffic congestion on the Causeway. Khairul expects to spend less time commuting to work. 'Right now, I have to leave my house at 8am if my work shift starts at 11am. 'With the RTS Link, I hope to enjoy at least an extra hour of sleep in the morning.' Operations and retail executive Ngoi Chee Kein, 26, said affordability would be a key factor in encouraging usage. 'While I welcome the development as it is a much-needed boost to travel, I hope the ticket price will be affordable, especially since many Malaysians commute daily. 'It should be set between S$2 (RM6.60) and S$4 (RM13.20), which is roughly the current bus fare,' he said. Ngoi expressed hope that the rail system would be reliable. Ngoi hopes the RTS Link ticket will be affordable. 'My main concern is whether RTS Link will have technical issues in the future, because people will be relying on it as their main daily mode of transport,' he said, adding that alternative transport such as shuttle buses should be made available in case of emergencies. For Lis Raman, 49, the RTS Link will offer a long-awaited alternative to traditional cross-border travel options. 'I am looking forward to using the service, which is long overdue. 'It can reduce travel hassle and improve quality of life,' said the Singapore-based training, research and development director, who travels to Johor Baru weekly via private hire car. She currently spends RM50 to RM70 a week for her trips and said she would be willing to pay slightly more for added convenience. 'I do not mind a 10% to 15% increase, as it is an excellent trade-off for mental and physical health gain,' she said. Lis does not mind paying 10% more for added convenience. Lis said she would prefer the RTS Link to operate round-the-clock to accommodate late-night travellers. 'This level of flexibility is no longer alien in some well-developed countries. 'I would use the RTS Link for all my ad-hoc journeys,' she said. Her concerns, however, lie in possible disruptions and maintenance issues. 'I hope there will be adequate parking for people who choose to park and ride and efforts made to prevent vandalism. 'I also want to know if there is any enforceable contingency plan in place from the management should the RTS Link service be disrupted,' she said. Despite their concerns, all three agree that the RTS Link promises to reshape the daily commute and offer a more comfortable and efficient travel option across the Causeway, one of the busiest border crossings in the world. – By YEE XIANG YUN
